Egrag Crypto, the cryptocurrency analyst, advised XRP investors not to panic as they take their next move in the market. This comes as he revealed the price levels to watch as this altcoin adjusts to the overall cryptocurrency market.
Analyst Advises XRP Investors Amid Market Correction
In a post on X, Egrag Crypto advised XRP investors, especially newcomers, not to let fear dominate their next moves. The analyst also commented on the current price trends, stating that investors will see where the market stabilizes by the end of the day. At the same time, he also revealed the price levels that investors should pay attention to.
This cryptocurrency analyst stated that if XRP's price maintains a close above $2.80, it is still in a super bullish position. Furthermore, he asserts that a close near $2.65 will keep this altcoin in a solid structure. Meanwhile, Egrag Crypto also raised the likelihood of a price drop to $2.34, equivalent to a 30% retracement.
Whatever happens, the analyst remains confident that this altcoin will experience a stronger price increase at some point. Therefore, he advises XRP investors to stay firm and strong, believing that the price will soon break out, indicating another parabolic rally is ahead. However, according to cryptocurrency analyst Ali Martinez, in the short term, a stronger price correction may occur.
In a post on X, the analyst noted that the Market Value to Real Value (MVRV) ratio of XRP has shown a death cross, indicating that a stronger correction may be underway. His accompanying chart shows that this altcoin could drop to the psychological price of $2 in this decline.
In another post on X, Ali Martinez stated that on-chain data shows previous accumulation behavior indicates that $2.80 is a temporary support level for XRP. Meanwhile, the actual support level begins below $2.48.
Long-Term Update for Altcoin
In a post on X, Egrag Crypto updated his analysis of the 6-month chart of XRP. He noted that this altcoin has less than five months until this candle closes. Based on this, he questioned whether XRP could make history by breaking the boundary of whether a peak has formed.
However, the analyst believes that the market has not yet peaked and the final leg for XRP's price is still very close, which he describes as "magnificent." Egrag Crypto noted that the Non-Log Scale measurement places this altcoin's market peak at around $4.89.
On the other hand, the Log Scale measurement indicates that the market peak is $48.90. The analyst notes that he is applying a midpoint approach between the two targets. Therefore, he predicts XRP will reach at least $27. $XRP